4 unchanged sentences
We do not hold or issue derivative financial instruments for trading purposes.
−Removed: Refer to Note 8- Derivative Instruments and Hedging to the condensed consolidated and combined financial statements above for information on how the Company utilizes derivative financial instruments.
+Added: Refer to Note 7- Derivative Instruments and Hedging Activities to the condensed consolidated and combined financial statements for information on how the Company utilizes derivative financial instruments.
Foreign Currency Exchange Rates
−Removed: Approximately 17.3% and 17.7% of our revenues for the six months ended June 30, 2024 and 2023, respectively, were denominated in currencies other than the U.S.
+Added: Approximately 17.2% and 16.6% of our revenues for the nine months ended September 30, 2024 and 2023, respectively, were denominated in currencies other than the U.S.
dollar (“USD”).
Our financial statements are reported in USD and, accordingly, fluctuations in exchange rates will affect the translation of revenues and expenses denominated in foreign currencies into USD for purposes of reporting our condensed consolidated and combined financial results.
−Removed: In the six months ended June 30, 2024 and the year ended December 31, 2023, the most significant currency exchange rate exposure was the Euro.
−Removed: Excluding the impacts from any outstanding or future hedging transactions, a hypothetical change of 10% in average exchange rates used to translate all foreign currencies to USD would have impacted income before income taxes for the six months ended June 30, 2024 by approximately $1.5.
−Removed: Gross accumulated currency translation adjustments recorded as a separate component of stockholders’ equity were $(35.4) and $49.0 at June 30, 2024 and June 30, 2023, respectively.
+Added: In the nine months ended September 30, 2024 and the year ended December 31, 2023, the most significant currency exchange rate exposure was the Euro.
+Added: Excluding the impacts from any outstanding or future hedging transactions, a hypothetical change of 10% in average exchange rates used to translate all foreign currencies to USD would have impacted income before income taxes for the nine months ended September 30, 2024 by approximately $1.8.
+Added: Gross accumulated currency translation adjustments recorded as a separate component of stockholders’ equity were $38.0 and $(6.6) at September 30, 2024 and September 30, 2023, respectively.
We do not have significant operations in countries in which the economy is considered to be highly inflationary.
5 unchanged sentences
GAAP and the changes in fair value are recorded directly to earnings.
−Removed: Prior to the Spin, the Former Parent entered into foreign currency forward contracts with external counterparties to hedge certain foreign currency transactions with exposure predominantly to the Euro and British Pound.
−Removed: These contracts did not qualify for hedge accounting and the changes in fair value were recorded directly to earnings.
−Removed: Earnings related to these contracts were included in the combined statements of operations as part of corporate allocations.
+Added: Prior to the Spin, these changes in fair value were included in the combined statements of operations as part of corporate allocations.
Interest Rate Risk
5 unchanged sentences
A majority of this debt bears interest at a variable rate, and we entered into a floating-to-fixed interest rate swap with respect to some of our floating rate debt in August 2023.
−Removed: At June 30, 2024, we had $572.0 outstanding related to our variable rate debt.
+Added: At September 30, 2024, we had $572.0 outstanding related to our variable rate debt.
Excluding the impacts from any outstanding or future floating-to-fixed interest rate swap transactions, a hypothetical 1% increase in interest rates would result in increased interest expenses of $5.7.
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.